The price hit the bottom trendline, stochastic is oversold and indicates a starting cycle upwards and i dont really know elliot waves but in a retracement like this the price usually makes 3 waves before going in the trends direction(in this case its still bearish in my opinion) we ll see, good luck
There's a potential for head and shoulders on higher time frames, the price meets an important resistance level and theres my favorite 5 min price setup indicated with the blue squares